(Bloomberg) — Bitcoin is under pressure from a bout of risk aversion in global markets that saddled the largest digital asset with its heftiest weekly loss since the collapse of the FTX exchange in 2022.
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The original cryptocurrency sank more than 10% at one point before paring some of the decline to trade at $54,333 as of 9:17 a.m. in Singapore on Monday. The token lost 13.1% in the seven days through Sunday, the most since the period of FTX’s bankruptcy. Smaller tokens such as Ether and meme-crowd favorite Dogecoin also nursed heavy losses.
The declines come as a global stock selloff intensifies, reflecting concerns about the economic outlook and questions over whether heavy investment into artificial intelligence will live up to the hype surrounding the technology. Geopolitical tension is rising in the Middle East, adding to investor skittishness.
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